Hi
Im completely new to forex and I wanna start with £10 is that okay? and also I live in the uk so is the best market for me the USD/GBP? sorry if these are silly questions.
Is £10 going to be your maximum risk per trade?
Definitely a good thing that early on you risk only a tiny percentage of your capital in the account - many folks say a maximum loss of 2%. If that equates to your £10, and so your account is capitalised at £500, its enough for learning purposes but don’t expect any significant profit. Don’t try to double your money: try rather to develop your strategy and understand how to manage risk.
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[quote=“Uzzer123, post:1, topic:143388”]
Im completely new to forex and I wanna start with £10 is that okay? and also I live in the uk so is the best market for me the USD/GBP? sorry if these are silly questions. [/quote]
If you are completely new to forex trading then open a demo account and practice what you learn from studying. With a demo you are free to try out anything you like and learn how things work without any risk. That way you can develop what kind of trader you wish to be and which markets suit you best.
Do not trade your own funds live until you have have the experience, confidence and expertise to operate consistently profitably.
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That is the best advice anyone can give you - AND it just saved you a tenner ! 
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The only problem with a demo account is that he will not be able to control his emotions when he starts trading with real money, even with only £10. He better learns the trading platform/software on a demo then go live with £10. Of course, he can’t expect much profit but he will be able to get to know how it feels like to trade with his real, hard-earned money. Even if it’s just £10. Develop a strategy, make more profits than losses, then deposit more money.
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Sorry, I do disagree - If you commit your ego to winning the demo, you can indeed feel the emotions. BUT you have to care whether you win or lose. If you don’t care, you are wasting a very valuable resource.
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No, the problem here is that as a newbie we don’t dare clicking on the buy or sell button because we are afraid of losing our money so we shouldn’t spend TOO much time on a demo account especially with $100,000 demo account when we only want to invest 10 pounds. You know that feeling isn’t really good when, as a newbie, we can see so much profit on a $100,000 demo account then see no profit on a $10 live account. Then we want to use higher and higher leverage to make more. Then suddenly lose it all.
I actually want to start with a £10 account and actieve the goal of 10% after each trading day.
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Sorry, your title said you need some friendly advice - that is what you got !
Do let us know how you get on 
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Thank you for your advice and help!
Morden - some of the best traders in history spent years paper trading.
Emotions - I remember reading a retired inst trader who went out on his own - spent the entire night nursing a trade that went negative - it was on demo.
Uzzer - if you have £10.00 to give to the market, it doesn’t need it.
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Look at WD Gann, RN Elliott, Richard Wyckoff - They spent so much time studying and drawing their own charts, that they Wrote whole strategies based on their observations. Nowadays we have ready printed charts and the total luxury of being able to virtual trade.
Alexander Elder wrote that to learn to trade You put $5000 into an account, trade that until it all gone, then stop, learn as much as you can and repeat the process - however many times it takes ! He also wrote that learning to trade will cost you at least as much as a good College degree.
That was in the days before “Demo accounts” as well, so how much is a demo account worth ?
Well nothing - because it is free, isn’t it ?
So free things are valueless - are they ?
I can believe that !
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If you are a beginner, it is definitely a valid option since you would want to have minimal risks. And no question is to silly in the world of trading.
Being skeptical is a huge part of investing in stocks
First of all congratulation and welcome Uzzer123 for joining forex business. But as a mate my suggestion for you not to invest directly and start forex business right now. You should go through demo trading first. Then you will come to know about different trading terms and basic of forex. You are in UK and you can go for any trading pairs. Because forex business is worldwide excepted business. But you have to choose the trading pairs based on market demand which will be profitable for you.
Then go for cent account & don’t use aggressive trading lots size.
Have you any demo experience? Or you are going to start the live trading straightly?
Again…it’s about your mindset lol
Amount is not a big deal to start Forex trading , the main issue is gaining good knowledge and experience that i am trying to acquire right now as a newcomer.
your knowledge will not works until a regular practice . so, keep learning and have a regular practice.
Hello Uzzer,
I understand that you are starting with 10 pounds, I did the same when I was new to the forex market, except for the fact that I started trading it live account after 3 months of learning forex on this site. I have to say that the things that you learn and the live trading are completely different. I made a couple of bucks first, then lost all of it due to not putting a stop loss and using 
leverage, the point I am trying to make is we should have a strategy before we go for live trading, as we should be clear enough to know when and where to enter and where to exit, if we do not decide that before entering the trade we will loose sooner or later. We do not want to do impulse trading for sure 
So summing all that up, start with demo account, make a strategy, and then move to live.
Thanks
IMR
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